Weekly EIA Petroleum Report -- July 20, 2022

WTI, prior to data release: $102.50.

WTI: one-half hour after data release: $102.50.

Link here.

• US inventories of crude oil decreased by 0.4 million bbls ... or in other words, flat.
• US inventories of crude oil stand at 426.6 million bbls; 6% below five-year average.
• US imported 6.5 million bopd; again flat; four-week average: 6.5 million bopd.
• US refiners operating at 93.7% of their operable capacity.
• US distillate fuel inventories decreased by 1.3 million bbls; inventories are now a whopping 23% below the five-year average.
• US jet fuel supplied was up 9% compared to same four-week period last year. 

Implied US oil demand, link here: 

Also, SPR at its lowest since 1985. A data point that absolutely means nothing.

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Re-Posting

Updates

July 20, 2022: housing market in free fall. Or not.

Original Post 

Whenever I see stories about high inflation here in the states, I keep coming back to this graph:

I was reminded of that when I came across this today (link: https://twitter.com/LanceRoberts/status/1549346241737379843):

I now follow Lance Roberts. 

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The Book Page

If you want to understand the current divisiveness in the US Republican party, re-read the history of the War of The Roses.

Or, alternatively, if you want to understand what the War of Roses was all about, look no further than the current disarray in the US Republican party.